Saudi Arabia has become oil importer by 2030

Saudi Arabia over the next 20 years could become world's largest exporter of the country forced to import oil.
With this assessment of further development of the energy picture of Saudi Arabia made ​​analysts Citigroup. Currently, oil and its derivatives are used to produce 50% of electricity in Saudi Arabia. Peak growth rate of electricity consumption reached 8% per year. For domestic needs of the country today, a quarter of the used fuel produced. While Saudi Arabia uses 100% domestically produced natural gas and has so far refused to import it as it is forced to do in Kuwait and the UAE.

EXPERT OPINION:

Heidi Rehmann
Senior analyst at Citigroup
"If oil consumption will grow at a level similar to the peak rate of growth in electricity demand, Saudi Arabia could become a net importer of oil by 2030. According to our estimates, the generating companies in the country are paying 5 to $ 15 per barrel for fuel, which is purchased from Saudi Arabian Oil Co., the rest of the cost is subsidized by the state as a result of subsidies amount of lost revenue for the country in 2011 exceeded $ 80 billion "

According to experts Citi, more active development of gas fields, as well as the development of solar and nuclear power in the country will not help solve the problem. The only real way to rationalize energy consumption - significantly reduce the levels of state subsidies. In Citigroup silent about the fact that such measures will in turn mean a noticeable drop in the standard of living in the largest of the absolute monarchy of the Middle East.

According to the annual Statistical Review of World Energy from BP production rates of Saudi Arabia in 2011 amounted to 11.2 million barrels per day in the form of oil and gas liquids, or 13% of the total supply of hydrocarbons in the world.

Interestingly, in 2010 the Saudi authorities decided to stop the exploration of new oil fields in the country. The news received hardly lighting the world press. According to King Abdullah, oil exploration has been stopped, "to save the country's wealth and pass it on to future generations." This was then reported Leading English edition countries - Saudi Gazette. Looks more likely option that oil exploration in Saudi Arabia still continues, but the data it had decided not to publish.